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Ask kmslaw Your Own Question
kmslaw, Solicitor
Category: Australia Law
Satisfied Customers: 209
Experience:  I have 15 years legal experience behind me and I graduated from the University of Sydney with First Class Honours in Arts/Law.
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We are idiots and have signed a REIQ Contract and

Customer Question

We are idiots and have signed a REIQ Contract for Houses and Residential Land without legal advice. It has not been dated on Pg 1 or signed by the seller. Solicitor and Finance details have also been left blank. Just how legally binding is this contract? Once we add the finance details this contract will then be "subject to finance"?
Submitted: 1 year ago.
Category: Australia Law
Customer: replied 1 year ago.
Posted by JustAnswer at customer's request) Hello. I would like to request the following Expert Service(s) from you: Live Phone Call. Let me know if you need more information, or send me the service offer(s) so we can proceed.
Expert:  kmslaw replied 1 year ago.

Hello, my name is***** am a solicitor in NSW who will help with your inquiry today.

I see that you wish me to offer a phone call to you to sort this one out. I'll do that now. Please be aware that it will be on Monday afternoon after 1pm sometime when I will call you as I have meetings this morning.

Customer: replied 1 year ago.
Hi there, thank you for the reply- we are unable to take a phone call then so could you please email the answer to our question instead- Thank You!
Expert:  kmslaw replied 1 year ago.

Hello again.

Usually when you buy real property you sign the contract without the seller's signature on it, then the seller signs another exact copy and the real estate agent exchanges the two so that your conveyancer/solicitor keeps the copy with the seller's signature on it. The fact that it hasn't been dated would be due to the fact that the real estate agent hasn't exchanged it yet, s/he will do this and check that the contracts are exactly the same, then date both documents and send them off to their respective conveyancers/solicitors. The contract is legally binding on you if you have paid some money to the real estate agent and s/he exchanges it with the seller's signed copy.

Whether the contract will be subject to finance depends upon the terms of the contract - as I haven't seen it, could you attach a copy so that I can help you with this?

The NSW standard contract is not subject to finance unless a special condition makes it so. I cannot speak about the REIQ one without seeing it.

Let me know.